April 16, 2024

Industrial Packaging For Crates And Pallets Is The Largest Segment Driving The Growth Of Industrial Packaging Market

Industrial packaging products provide protection to goods during transport, storage, distribution and other industrial processes. Products such as corrugated boxes, crates, drums, and bags are designed to withstand mechanical stress and environmental conditions during shipping and warehousing. These packaging solutions enable efficient handling and transportation of industrial goods.

The global industrial packaging market is estimated to be valued at US$ 68,677.9 Mn in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The rising demand for sustainable packaging from end-use industries is expected to be a key trend in the industrial packaging market. Growth in the e-commerce sector coupled with increasing cross-border trade has augmented the need for robust and reusable packaging solutions to transport industrial goods efficiently and safely. This has boosted innovations towards developing recyclable and reusable packaging materials from renewable resources like paper, biomass and agricultural waste. Manufacturers are focusing on lightweight yet durable designs for crates and pallets to reduce material consumption and logistics costs. Increased adoption of returnable and reusable industrial packaging is anticipated to drive the demand for efficient asset tracking technologies over the forecast period.

SWOT Analysis
Strength: Industrial packaging materials are durable and protect products during transportation and storage. They also allow for easy stacking and handling of products.
Weakness: Disposal of used industrial packaging contributes to environmental pollution. Packaging waste occupies large landfill space.
Opportunity: Growing e-commerce industry is driving the demand for robust and efficient packaging solutions for shipping various goods. Innovation in sustainable packaging materials offers new opportunities.
Threats: Stringent regulations around the use of plastics in packaging pose challenges. Economic slowdowns can reduce demand from key end-use industries.

Key Takeaways

The global Industrial Packaging market is expected to witness high growth, exhibiting CAGR of 5.4% over the forecast period, due to increasing industrial production and globalization of trade. Durable industrial packaging ensures safety of goods during transport and storage in various industries such as food & beverages, building & construction, chemicals etc.

Regional analysis: North America dominated the industrial packaging market in 2022 owing to well established industries such as food & beverages and chemicals in the US and Canada. Asia Pacific is expected to grow at the fastest pace during the forecast period driven by expanding manufacturing sector and rising exports from China and India.

Key players operating in the Industrial Packaging market are Smurfit Kappa Group, Cascades Inc., Mauser Group B.V., Grief Inc., International Paper, Nefab Group, Schutz, Sonoco, AmeriGlobe, and B.A.G. Corp. The major players are investing in automated packaging lines and focusing on developing sustainable packaging solutions to strengthen their market position. Partnerships with e-commerce companies and acquisitions are also key growth strategies adopted by leading industrial packaging companies.

*Note:

1.Source: Coherent Market Insights, Public sources, Desk research

2.We have leveraged AI tools to mine information and compile it